A recent report has surfaced regarding a wallet connected to the official Donald Trump memecoin project, which has transferred nearly $20 million worth of TRUMP tokens to centralized exchanges. On April 29, on-chain analyst EmberCN revealed that the team’s wallet moved 1.346 million TRUMP tokens, valued at $19.53 million, to three major exchanges. According to data from Arkham Intelligence, approximately 700,000 TRUMP tokens worth $10.21 million were sent to Binance, while another 350,000 tokens valued at $5.08 million went to OKX, and Bybit received 296,000 tokens worth roughly $4.32 million.
The wallet in question is believed to be linked to the team or another insider and holds over $150 million in TRUMP tokens, funded via the wallet address 7qtDv. While the exact reason behind these transfers remains unclear, such movements often indicate preparations for potential sales. Notably, insider vested token unlocks began earlier this month.
This activity coincided with a significant drop in TRUMP’s price, with the token falling by 9% over the past 24 hours to trade at $13.78. This decline marks a steep fall from its recent highs. The selloff followed heightened excitement surrounding a planned exclusive dinner with President Donald Trump, which initially drove the token’s price and on-chain activity higher.
TRUMP’s token on-chain activity experienced a notable spike, as reported by blockchain analytics firm Kaiko. Following the dinner announcement, there was a 200% increase in TRUMP’s trading volume. Nearly 10,000 wallets engaged in TRUMP token transfers during this surge, generating approximately $2.4 billion in on-chain transaction volume—the busiest day for TRUMP this month.
Most transactions came from smaller wallets, each holding less than $100,000 worth of TRUMP tokens. Additionally, TRUMP’s trading activity on centralized exchanges saw a significant uptick, recording its highest daily volume since mid-February, surpassing other major memecoins like DOGE.
Despite a cooling off in trading volumes and on-chain activity since the initial surge, Kaiko anticipates more movement as the competition deadline approaches. The event’s rules stipulate that the top 220 holders with the highest average TRUMP holdings between April 23 and May 12 will qualify for the dinner.
As of now, the user known as “Sun” leads the leaderboard with over 1 million time-weighted TRUMP holdings. In contrast, the wallet “REAL” holds the 220th position with just over 1,002 time-weighted TRUMP tokens. Stay tuned for further developments in the evolving TRUMP token landscape.